Oil-bearing crops

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Risk

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By all accounts, farming is a risky occupation. Crop success is inextricably linked to complex physical and biological processes that can only be partly controlled by farmers. Inadequate rainfall or severe pest infestations can result in substantial reductions in crop yields or even total loss. Farming is also physically demanding, subjecting farmers to a variety of health risks including exposure to livestock, dangerous farm equipment and farm chemicals.

Once the harvest is in, surplus production faces the vagaries of agricultural markets which are now, more than ever, influenced by world events. HarvestChoice is deeply concerned with how risk -- particularly production risk -- affects farmers who struggle to produce enough for subsistence often without the benefit of modern equipment, chemicals, and know-how. For more background on risk, and how we view it at HarvestChoice, visit this Blog post.

The definition of risk used by the HarvestChoice project does not frame risk as inherently bad. After all, farmers and other individuals often voluntarily subject themselves to risks that can be avoided. That is, some individuals may view risk as undesirable, others may not care, while still others may view it as desirable. Individuals who find risk undesirable are commonly referred to as risk averse. Individuals who do not care are commonly referred to as risk neutral. Individuals who find risk desirable are often referred to as risk preferring, loving, or attracted.